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But more people appear to be warming up to stocks, in many cases likely by diverting money they had been sending to money-market funds and bank savings accounts.
WSJ: Note to Investors: Avoid the Mistakes of 2008
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Should people keep their emergency funds in a bank savings account or CD instead?
NPR: How to Weather a Rocky Economy
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True, Americans are less likely these days to keep their savings in the bank, preferring money-market funds.
ECONOMIST: Bank of America
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Today those savings are recycled into rich countries via sovereign-wealth funds and the central bank, which act as portfolio investors, buying mainly bonds.
ECONOMIST: What it feels like to be bought by a Chinese firm
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This is often a hard concept to sell because most consumers have been conditioned to think of savings as the near-zero-percent account at the bank or money market funds and CDs.
FORBES: How Wall Street Unloads Its Risk On Unsuspecting Savers
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But by 2010, the Goldman researchers predict, stocks and mutual funds will climb to 39% of household savings and insurance to 34%-while bank deposits drop to 18%.
FORBES: Schulte-Noelle Scores
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These make some loans, but pass on the rest of their funds to Norinchukin Bank, the national lender which, in turn, places the farmers' savings in the interbank market, where it is the biggest supplier of funds.
ECONOMIST: Japanese banking
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At the time most funds were a vast collection of stocks and bonds that could barely match the returns on a bank savings account.
FORBES: James W. Michaels
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Morgan, an American bank which owns the American Century mutual-fund group, to sell funds bearing its own name through savings banks in Germany and France.
ECONOMIST: Fund management